The future is here and it’s wearable technology!
Cherish attended the Wearable Technology Show on Tuesday 18 March in London’s Olympia. We were there to support Anastasia Emmanuel, UK Marketing and Community Manager for client Indiegogo, who took part in the ‘Crowdfunding Head to Head’ panel discussion. You can read the Storify of the panel discussion here.
The panel discussed how designers of wearable technology can use crowdfunding platforms to raise the capital to produce their product. One product which has not only reached its target but absolutely smashed it on Indiegogo, is Misfit Shine. Misfit were exhibiting at the show, which was on 18 and 19 March.
Misfit is a beautifully designed fitness and sleep tracker that raised almost $850,000 of a $100,000 goal. Crowdfunding not only validated their product and created a huge buzz before launch, it also enabled them to get real time feedback – they realised their community also wanted the option of a necklace so they added a perk based on customer feedback.
Anastasia offers her key benefits of crowdfunding for hardware:
1. It allows you to validate the market before your start the production process
2. By crowdfunding, you get real time feedback on your prototype – as was the case with Misfits Shine
3. You’re able to engage with your future customers and include them in the building process
4. You are able to flip the model so you can get money up front, which means you know exactly how big your first production run will be. This can then lower manufacturing costs and eliminate high levels of stock
5. Your product can gain visibility by being on Indiegogo and you’re able to create an army of evangelists who shout about your product through their social media channels
6. A real benefit is that you are able to sell both distributor and wholesale packs on Indiegogo
So if you have an idea for wearable tech and need to raise the capital, and gain valuable feedback along the way, then visit Indiegogo.
Anastasia was interviewed by IT ProPortal at the show on how crowdfunding is the best driver for wearable technology and you can read the full interview here.